Material Science Company Dow Jones Index released the fourth quarter loss, saying that it is cutting 1,500 jobs, accounting for 4 % of the labor force

The fourth quarter of Dow Inc.’s profit is much lower than the expectations of Wall Street, and Materials Science Company said on Thursday that it is cutting 1,500 jobs worldwide to reduce costs because sales have stagnated.

According to data companies FACTSET, layoffs account for about 4 % of DOW labor. DOW SAID The Staff Reductions are part of a broader plan to cut $ 1 Billion in Costs.

The shares of Midland, headquartered in Michigan, fell nearly 8 % in the morning transactions.

Dow lost $ 35 million in the fourth quarter. The one -time fee is adjusted at one time, and the profit per share during this period is zero. This is much lower than the 43 cents per share last year than the profits of 24 cents per share expected by the analyst. During the whole year, Dow recorded the profit of $ 1.71 per share, below $ 2.24 in 2023.

The sales of this quarter and year also declined from a year ago, and its packaging and professional plastic business delayed sales, accounting for more than half of the company’s income. Tao said that the sales of its largest market segment fell by 6 % in the fourth quarter and the whole year.

The total sales of this quarter were nearly 2 %, and the annual sales of 2024 fell 3.6 % to $ 43 billion, less than $ 44.6 billion in 2023.

About reorganization, Tao

DOW CEO Jim Fitterling said: “Although these decisions are difficult, we must continue to take positive actions to reduce costs, and we browse this slower macroeconomic recovery.”

About two years ago to the day, Tao announced that it was cutting 2,000 jobs (5 % of its labor force) to reach a savings of $ 1 billion.